Last week's highlights (14 – 21 February 2022) reflected uncertainty in oil markets over Iran's and Russia's political decisions, as well as some inaccuracies in international organizations' forecasts.
Almost all countries participating in the Vienna talks have expressed optimism about reaching an agreement in the coming days to restore the Joint Comprehensive Plan of Action for Iran's nuclear program. This could lead to an increase in oil production and exports if US sanctions against Iran are lifted.
Volatility in financial markets has been affected by headlines and expectations of conflict in Ukraine. They continued to respond to headlines over the past week, reflecting on the relief of the withdrawal of some Russian troops from the border with Ukraine. However, this relief was short-lived, as the United States and its allies announced that more troops had in fact been moved forward.
The International Energy Agency has published a revision of its forecast for daily global oil consumption, which is almost 1 million barrels more, but stocks in stocks are less than expected.
On Wednesday, for the first time since September 4, 2014, the price of oil reached $ 100.80 per barrel (Dated Brent, S&P Global Platts), led by the extremely tight physical crude oil market, growing demand, low spare capacity and geopolitical tension. The marker (indicator) is part of the pricing of a number of oil derivatives and determines the contract baseline.
US shale oil producers have confirmed plans to limit production growth to no more than 5% in 2022, which, along with growing consumption, is likely to keep oil prices higher.
The European Commission has announced an increase in investment in Africa through Global Gateway - for infrastructure and renewable energy.
